Hotel Online  Special Report

 
Molinaro Koger Advises William Street Hotel
Associates LLC on Sale of Doubletree Hotel 
Chicago O’Hare Airport

 
McLean, Virginia – August 20, 2004 – Molinaro Koger, a leading hospitality brokerage and real estate advisory firm, advised William Street Hotel Associates, LLC in the sale of the Doubletree Hotel Chicago O’Hare Airport — Rosemont, Illinois, to an investment advisory client of Lowe Enterprises Investment Management, LLC, a subsidiary of Lowe Enterprises Inc. 

Destination Hotels & Resorts, an affiliate company of Lowe Enterprises, Inc., will replace Hilton Hotels Corporation as the management company, and will continue to operate the first-class, full-service hotel as Doubletree Hotel under a Hilton franchise agreement. The property is slated to undergo more than $1 million in renovations to the guest rooms and public areas.

The 369-room Doubletree Hotel is located on River Road, one mile from O’Hare International Airport and 16 miles from Chicago’s Central Business District. The hotel opened in April 2000 and includes more than 13,000 square feet of meeting space, a restaurant/lounge, business center, indoor pool, and fitness center as well as Chicago’s popular Gibsons Steakhouse. The property is connected, via elevated enclosed pedestrian walkways, to the Donald E. Stephens Convention Center, and is in close proximity to The Rosemont Theatre and Allstate Arena. 

“We are pleased the seller had a high degree of confidence in our firm’s ability to advise them on this complex transaction involving multiple parties,” said Bill Stadler, Managing Director.  “The investment represents a wonderful opportunity for Lowe Enterprises’s client and should out-perform the market given Destination’s marketing expertise.”

For further information please contact Molinaro Koger at 703.760.9600 or via www.molinarokoger.com.
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About Molinaro Koger

Molinaro Koger is an international hotel real estate advisory firm. The company structures boutique through luxury hotel transactions throughout the Americas and Europe. MK is headquartered in metro-Washington, DC, and has offices in London, Atlanta, Chicago, Cincinnati, Dallas and Los Angeles. Over the past decade the firm has captured the industry’s leading hotel transaction awards including Highest Volume, Largest Transaction and Salesman of the Year.

Joseph Molinaro founded the firm in 1959, and since then Molinaro Koger has successfully marketed hotel real estate, sponsored limited partnerships, and arranged financing for purchasers. Given the cyclical nature of real estate, the firm has weathered an array of highs and lows during the course of its 44-year history. Throughout that time, the company has grown and assisted clients in achieving their investment goals.

“With each lodging real estate cycle we gather strength, expertise and contacts enabling us to better serve our clients best interests regardless of economic highs or lows,” says President Robert Koger. “The results we achieve are directly attributable to the commitment and expertise of our professional staff.”

Molinaro Koger can be accessed online at www.molinarokoger.com.

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Contact:

Molinaro Koger
1676 International Drive
Suite 575
McLean, VA 22102
703.760.9600
www.molinarokoger.com

Sharon Lemon
sharon@zestcommunications.com
651.324.8469


 
Also See: Molinaro Koger Advises on the Sale of the Beaver Creek Lodge / August 2004
Molinaro Koger Arranges Sale of Crystal City Marriott Hotel / July 2004
Molinaro Koger Facilitates Sale of Sheraton Bucks County Hotel to Ashford Hospitality Trust / July 2004
Molinaro Koger Structures Sale of Sheraton Hotel Washington, DC / June 2004
Molinaro Koger Advises in the Sale of Miami Beach Ritz Plaza Hotel — Kimpton to Rebrand and Manage / June 2004
Molinaro Koger Structures Sale of Hilton Hotel Pasadena, California / May 2004
Molinaro Koger Closes Holiday Inn East Columbus on Behalf of B.F. Saul Company / April 2004
Molinaro Koger Structures Sale of Radisson Hotel Charleston / April 2004
Molinaro Koger Closes 82 Transactions in 2003 / January 2004
Thompson Calhoun Fair and Molinaro Koger Brokers Sale of 15 - Hotel Portfolio / December 2003
Molinaro Koger Closes Sale of Renaissance Hotel St. Thomas to Palace Resorts of Cancun, Mexico / November 2003
Molinaro Koger Closes Four Full-Service Hotels / November 2003
Molinaro Koger Closes 46 Transactions Through Third Quarter 2003 / October 2003
Molinaro Koger Selected to Market 7-Property Holiday Inn Portfolio on Behalf of FelCor / May 2003
Simon Allison, Former Finance Director of Hospitality Europe BV, Named Vice President, Molinaro Koger / April 2003
Molinaro Koger Opens Atlanta Office / Oct 2002
Hotel Acquisitions Continue In Tight Market Molinaro Koger Announces 39 To Date Closings / Oct 2002
Molinaro Koger Opens Atlanta Office / Oct 2002


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